When Dmitry Argarkov was sent a letter offering him a credit card, he found the rates not to his liking.

But he didn't throw the contract away or shred it. Instead, the 42-year-old from Voronezh, Russia, scanned it into his computer, altered the terms and sent it back to Tinkoff Credit Systems.
Mr Argarkov's version of the contract contained a 0pc interest rate, no fees and no credit limit. Every time the bank failed to comply with the rules, he would fine them 3m rubles (PS58,716). If Tinkoff tried to cancel the contract, it would have to pay him 6m rubles.
Tinkoff apparently failed to read the amendments, signed the contract and sent Mr Argakov a credit card.
"The Bank confirmed its agreement to the client's terms and sent him a credit card and a copy of the approved application form," his lawyer Dmitry Mikhalevich told Kommersant. "The opened credit line was unlimited. He could afford to buy an island somewhere in Malaysia, and the bank would have to pay for it by law."
However, Tinkoff attempted to close the account due to overdue payments. It sued Mr Argakov for 45,000 rubles for fees and charges that were not in his altered version of the contract.

Earlier this week a Russian judge ruled in Mr Argakov's favour. Tinkoff had signed the contract and was legally bound to it. Mr Argakov was only ordered to pay an outstanding balance of 19,000 rubles (PS371).
"They signed the documents without looking. They said what usually their borrowers say in court: 'We have not read it'," said Mr Mikhalevich.
But now Mr Argakov has taken matters one step further. He is suing Tinkoff for 24m rubles for not honouring the contract and breaking the agreement.
Tinkoff has launched its own legal action, accusing Mr Argakov of fraud.
Oleg Tinkov, founder of the bank, tweeted: "Our lawyers think he is going to get not 24m, but really 4 years in prison for fraud. Now it's a matter of principle for @tcsbanktwitter."
The court will review Mr Argakov's case next month.


This man can ball.

Comments (7)


Haha, thanks for sharing! BTW, if you haven't try reading some of Oleg Tinkov's previous tweets, interesting person...

It's hip to be square!

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I'm going to go see what LSO has to say about this

cool stuff

Get busy living


I need to figure out how twitter works.

"Mr. Perkins poses an extreme risk to the market when drunk."


Awesome. I wonder if this would work in the USA.

Probably not.



Awesome. I wonder if this would work in the USA.

Probably not.

I'm guessing it wouldn't simply because it would set a precedent that could ruin financial institutions so judges would throw out the altered agreement under any statute they could find.

In reply to NYU

Pretty much. You never know though, in a day an age where Lehman is gone and SAC is getting raped, you might find a judge who.....shocker.....enforces contract law.

Back in the day, Van Halen would put idiosyncratic clauses into their contracts like requiring a bowl full of brown M&M's each week 1) because they could and 2) to make sure that the contract was being read. When the bowl didn't show up, they didn't care about the candy, they knew someone fucked up. Hasn't banks' defense of so many things lately "if you didn't read the contract that's YOUR fault?"

Fuck them. Make them pay the guy. It's not like that bank isn't just a front for Putin's money machine anyway.

Get busy living


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